Expansion Attributed to Disaster Recovery Services and Collaboration
WELLESLEY, Mass., May 15, 2018 (GLOBE NEWSWIRE) — Hybrid cloud technology, which pairs the security of a private cloud with the cost-effectiveness of a public cloud, is set for explosive growth in coming years, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 20.1% through 2022, when it could be worth $98.8 billion, according to the report Hybrid Cloud Technologies: Global Markets to 2022.
Major players in the market include Microsoft Corp., Oracle Corp., Hewlett-Packard Co., Cisco Systems Inc., Alphabet Inc., Amazon Web Service, VMware Inc., IBM, Rackspace Inc., Dell, Red Hat Inc., Atlantic.Net, Expedient, CenturyLink Inc., NTT America, DXC Technology Co., Hitachi Vantara, Alibaba Cloud, Flexential and Accenture.
- Industry verticals anticipating the highest CAGRs through 2022 include IT and telecommunications (22.9%), retail (21.0%) and healthcare (20.1%).
- The hybrid cloud service model industry leader is software as a service, which has a CAGR through 2022 of 21.3%. It is followed by platform as a service with a CAGR of 18.6%.
- Growth will be the most prominent in the Asia-Pacific region, which anticipates a CAGR of 23.2% through 2022, when the market will be valued at $9 billion.
“Increasing need for collaboration among organizations and rising standards for interoperability between cloud services and existing systems are some of the factors influencing or driving the growth of hybrid cloud technologies in the global market,” the report states. “However, challenges related to data security, compliance and legal issues, to some extent, are expected to hinder the growth of the market.”
Growth May Be Restrained By Security and Legal Challenges
Though hybrid cloud solutions offer many benefits, there are lingering issues related to data security and compliance which are hindering full-fledged growth. Many organizations implementing hybrid cloud architectures are struggling with cloud security management, and this has become a significant problem. Also challenging growth is the presence of different regulatory and compliance requirements in different countries. For example, privacy laws in Europe and Japan demand that private data, including emails, be stored in data centers within those regions.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
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